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HomeCrypto NewsMarketTop Analyst Unveils Market Structure Taking XRP to $589

Top Analyst Unveils Market Structure Taking XRP to $589


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Market analyst Cryptobilbuwoo expects XRP to reach an audacious $589 price based on a market structure that resulted in the 2017 historic rally.

XRP has consolidated between $0.48 and $0.51 since Saturday, awaiting the perfect opportunity to secure a breakout. Amid the market uncertainty, it has held above the $0.50 psychological threshold, currently up 1.67% over the last 24 hours. 

XRP Historical Performance

While its short-term trajectory remains uncertain, market analysts such as Cryptobilbuwoo believe XRP’s long-term prospects are majorly bullish. In a chart presented by media personality Amonyx, Cryptobilbuwoo identified multiple patterns on the XRPUSD and XRPBTC charts that suggest an imminent price rally.

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XRP to $589
Image Source: https://twitter.com/amonbuy/status/1790062691572216137

In the XRP/BTC chart, the analyst called attention to a descending triangle that XRP traded within from 2015 to early 2017 as Bitcoin outperformed it within this timeframe. Interestingly, XRP flipped the switch in early 2017 when it broke out of the descending triangle, outperforming Bitcoin.

XRP spiked from a low of 0.00000479 BTC in February 2017 to a high of 0.00006110 BTC in March of that year, eventually hitting the Fibonacci 0.618 resistance point. This roadblock led to an XRP correction against Bitcoin, resulting in a drop to 0.00002273 BTC in April 2017.

After this retracement, XRP witnessed more substantial growth, reaching a peak value above the 0.0002248 Bitcoin mark in May 2017. This 0.0002248 BTC price aligned with the resistance at the Fib. 1.618 retracement. 

Data from the XRP/USD chart confirms the spikes in XRP’s price during this period, which led to a substantial increase against Bitcoin. However, on the XRPUSD chart, XRP’s initial surge to $0.3988 aligned with a breach of the Fib. 1.618 level and the recovery push toward the ATH of $3.3 came on the back of a break above Fib. 2.382.

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A $589 XRP Target

Current Market movements suggest XRP is trading within the same pattern on the XRP/USD and XRP/BTC charts. On the XRP/USD chart, the analyst expects a surge to $33, aligning with the Fib. 1.618 level. After a mild consolidation, Cryptobilbuwoo projects a recovery rally, which would allow XRP to hit $589.

At its current price of $0.5063, XRP must skyrocket by a massive 116,234% to clinch the $589 price, a level that most market watchers believe is unattainable.

The $589 narrative previously took center stage in the XRP community. The tweets below show how eager the community is to see XRP at $589.

XRP 589 1
XRP $589
XRP 589 2
XRP $589
XRP 589 3
XRP $589
Last March, former US congressional candidate David Gokhshtein made a case for this narrative, citing Bitcoin’s market cap. Cryptobilbuwoo also suggested that XRP could be heading to 0.000604 Bitcoin on the XRP/BTC chart, despite veteran trader Peter Brandt asserting XRP could go to zero.



Investors Pulling Funds off Exchanges

Meanwhile, XRP has continued to witness bullish sentiments, leading to sustained exchange outflows despite Ripple’s recent move to sell. According to data from Coinglass, since April 6, exchanges have observed net outflows in XRP, as market participants continue to pull out their funds.

XRP Exchange Netflow Coinglass 6
XRP Exchange Netflow | Coinglass

Notably, the biggest daily outflow within this period saw $48.55 million worth of XRP move out of exchanges on April 12, the largest intraday figure in over a year. This trend has continued, contributing to the reduction of selling pressure. XRP is up by a meager 1.44% this month.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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